Hogs Limit Lower in Nearby Oct
BRUG - Fri Aug 23, 5:09PM CDT

Lean Hog futures ended down the limit in Oct, with nearby contracts $2.225 to $2.775. The CME Lean Hog Index was down 36 cents at $77.04 on August 21. The USDA pork carcass cutout value is down $.29 on Friday morning at $79.65. The national average base hog value was down $1.39 in the Friday PM report at $66.15. Estimated weekly FI hog slaughter through Saturday was 2.528 million head, a 36,000 head increase from the previous week and 7,000 head more than the same week a year ago. Chinese retail pork prices have risen 46% since earlier this year, the Chinese Ag Ministry announced. The Chinese hog herd has been reduced by a third due to ASF, while Chinese pork imports have double from the levels of last July, according to Reuters. Pork in Cold Storage at the end of July dropped to 601.790 million pounds, a 19 million pound reduction from June. A drop is typical for July, and puts the inventory level similar to 2016 but still the second largest on record behind 2015. New Chinese tariffs increasing by 10% are slated to begin Sept. 1, and will result in US pork having tariffs totaling 72%.

OCT 19 Hogs closed at $59.300, down $3.000,

DEC 19 Hogs closed at $58.775, down $2.775

FEB 19 Hogs closed at $66.350, down $2.225

--- provided by Brugler Marketing & Management

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